Here's Why Naked Brand Stock Surged Today

Shares of Naked Brand Group (NASDAQ: NAKD) jumped on Friday after the swimwear and intimate apparel maker announced the final tallies from its shareholder meeting. As of 11:55 a.m. EDT today, the stock's price was up more than 14%.

Naked's shareholders voted to approve the sale of its Bendon subsidiary. The vote paved the way for the company to complete its transition to a fully e-commerce-based business.

Naked wasted little time in offloading its money-losing brick-and-mortar operations. It closed its previously announced divestiture agreement with a group that includes members of its management team, like CEO Justin Davis-Rice. The terms of the deal give Naked a share of any net profits Bendon earns over the next three years.

Source Fool.com